20240815-华创证券-晶合集成-688249.SH-2024年半年报点评_2024H1业绩稳健增长_CIS平台加速放量_5页_688kb

This report provides a review and analysis of JingHe Integration Co., Ltd. (688249), highlighting its robust performance in the first half of 2024 and offering investment recommendations.

Key points from the 2024H1 performance:

• Revenue and Profitability: The company reported significantly improved financial metrics. Revenue for H1 2024 reached RMB 4.398 billion, a staggering 480.9% increase YoY. Gross margin improved to 24.43% YoY, and the company turned a net loss into a profit, with RMB 1.87 billion in net profit attributable to shareholders and RMB 0.95 billion in net profit attributable to shareholders after eliminating non-recurring items.
• Q2 Performance: The second quarter saw accelerated revenue growth relative to the first quarter. Q2 revenue was RMB 2.17 billion (+154.3% YoY, -26.0% MoM). However, profitability metrics like gross margin and operating performance saw slight monthly declines, likely due to increased promotional spending or production constraints (margin dropped -0.27pct YoY/-1.13pct MoM).
• Product Mix & Capacity: CIS and Display Driver IC (DDIC) were the primary drivers, with CIS becoming the second-largest product category, operating at full capacity. The company maintains an 115K wafers/month capacity and plans expansion to 155K wafers/month in 2024, focusing on 55nm and 40nm nodes for high-end CIS.
• Technological Advancements: Key milestones include the mass production of 55nm CIS chips (BSI), trial production of 40nm voltage-driven OLED drivers, and research on 28nm OLED and 110nm MCU platforms. Progress in multi-process nodes (especially 55nm) across DDIC, CIS, PMIC, MCU, and Logic segments is seen as a major growth driver.

Market Outlook & Investment Recommendation:

• The company is riding on the cycle's upswing, driven by increased demand for consumer electronics (TVs, smartphones) and the depletion of inventory in other platforms.
• Revenue forecast adjustment: Given ongoing R&D investment, earnings projections for 2024-2026 are revised to RMB 5.82B, RMB 9.12B, and RMB 14.37B, respectively. An 18x price-to-book (PB) valuation for 2024 is applied, leading to a target price of RMB 19.2 yuan per share.
• Recommendation: Maintain "Strong Buy" status due to expected strong growth driven by technology advancement, capacity expansion, and market recovery.